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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 9479
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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What lenders would you recommend for a home equity loan..

This answer was rated:

What lenders would you recommend for a home equity loan.. I don't want to refi since i have a 3.125% mortgage but need to pull 1/2 of my equity out on my house in Show low AZ ...

need $15-30k for down payment on a business opportunity (buying a appliance store)
home value $120k
mortgage balance $45k
avail cash > slim to none

Lane :

Hi,

Lane :

I would start by looking at COMMUNITY banks, those smaller independent banks in your community, where (especially as a new business owner) you can actually sit down with someone that you can start a relationship with (who might actually steer some business back YOUR way)

Lane :

You might start by looking at the community bankers association, and see who's a member in your area

Lane :

Hang on a sec and let me check something for you (but again, criteria no. 1 i my opinion is someone that will provide accountability and continuity - and you just don't get that with the big banks)

Lane :

... looks like th Arizona Bankers association is actually one of the newest member os the Nation assoc

Lane :

Here's the AZ listing: http://www.azbankers.org/members/

Lane :

I would start here: https://www.greatwesternbank.com/

Lane :

Also here's a great page for looking at the various lenders and their rates This one is for banks and mortgage co's doing business in AZ, and is specific to Mortgage rates generally - also has user ratings for each company): http://www.zillow.com/mortgage-rates/az/

Lane :

Here's the one that seems to have the best reviews and does especially well in ease of dong business (but the tradeoff is that there's none of that local business networking): http://www.zillow.com/mortgage/BorrowerQuoteDetail.htm?quote=ZQ-PYVXBFBZ

Lane :

Questions?

Lane :

I still don't see you coming into the chat here ... I'll move us to the "Q&A" mode ... Maybe that will help

Lane :

(We can still continue a dialogue there, just not in real-time as we can here in Live Answer ... Let me know if you have any questions at all)

Lane :

Lane

Lane :

If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.


HOWEVER, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question.

Lane and other Finance Specialists are ready to help you

Hi Mike,

... just checking back in, as I never saw you come int the chat.

Again, let me know if have any questions at all, or want to discuss further.

Lane


Thanks much, Mike.

Good luck with the new venture!.

If I can help again, let me know.

Just say "For Lane Only," at the beginning of any other questions, if you'd like.

Thanks again,
Lane